SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
for the
period ended 04
October, 2019
BP p.l.c.
(Translation
of registrant's name into English)
1 ST JAMES'S SQUARE, LONDON, SW1Y 4PD, ENGLAND
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file
annual
reports
under cover Form 20-F or Form 40-F.
Form
20-F |X| Form 40-F
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Indicate
by check mark whether the registrant by furnishing the
information
contained
in this Form is also thereby furnishing the information to
the
Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act
of
1934.
Yes No
|X|
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press release
4 October 2019
BP chief executive Bob Dudley to retire,
to be succeeded by Bernard Looney
The
Board of BP announced today that, after a 40-year career with BP
and over nine years as group chief executive, Bob Dudley, 64, has
decided to step down as group chief executive and from the BP Board
following delivery of the company's 2019 full year results on 4
February 2020 and will retire on 31 March 2020.
The
Board is also pleased to announce that Bernard Looney, 49,
currently chief executive, Upstream, will succeed Dudley as group
chief executive and join the BP Board on 5 February 2020. Looney
will continue in his current role until this date.
Commenting
on the announcement, BP Chairman Helge Lund said: "Bob has
dedicated his whole career to the service of this industry. He was
appointed chief executive at probably the most challenging time in
BP's history. During his tenure he has led the recovery from the
Deepwater Horizon accident, rebuilt BP as a stronger, safer company
and helped it re-earn its position as one of the leaders of the
energy sector. This company - and indeed the whole industry - owes
him a debt of gratitude."
On
Looney's appointment, Lund added: "As the company charts its course
through the energy transition this is a logical time for a change.
Bernard has all the right qualities to lead us through this
transformational era. He has deep experience in the energy sector,
has risen through the ranks of BP, and has consistently delivered
strong safety, operational and financial performance. He is an
authentic, progressive leader, with a passion for purpose and
people and a clear sense of what BP must do to thrive through the
energy transition."
Bob
Dudley commented: "It has been the privilege of a lifetime to serve
this company and work in this industry for the past four decades. I
have worked with so many committed people from all over the world -
both inside and outside BP - and I am enormously proud of all the
things we have achieved together to provide energy for the world.
Bernard is a terrific choice to lead the company next. He knows BP
and our industry as well as anyone but is creative and not bound by
traditional ways of working. I have no doubt that he will
thoughtfully lead BP through the transition to a low carbon
future."
Bernard
Looney said: "It has been a great pleasure to work with Bob and it
is an honour to succeed him as chief executive. I am humbled by the
responsibility that is being entrusted to me by the Board and am
truly excited about both the role and BP's future. Our company has
amazing people, tremendous assets, and a set of core values that
guide our actions, but most of all we have a desire to be better. I
look forward to tapping into that desire and building on the strong
foundation that Bob has built as we meet society's demand for
cleaner, better energy."
The
Board is also pleased to announce that Lamar McKay, currently
deputy group chief executive, has agreed to serve as chief
transition officer. In this new role, McKay will support the
Chairman and incoming group chief executive to ensure a full and
orderly transfer of leadership. He will assume this new role
immediately and step down as deputy group chief
executive.
These
decisions are the result of a comprehensive and deliberate search
process, including consideration of a range of internal and
external candidates. The process was led by Helge Lund, senior
independent director Sir Ian Davis and remuneration committee chair
Paula Rosput Reynolds, a working group of the Board's nomination
and governance committee.
Notes to editors:
●
A
biography of Bernard Looney is attached to this
release.
●
The
company confirms there is no further information to be disclosed
under the requirements of listing rule 9.6.13R in relation to
Looney's appointment.
●
Details
of arrangements for Dudley's retirement and of Looney's
remuneration are:
Bob Dudley's retirement arrangements
-
Bob
Dudley's service contract provides for a 12 months' notice period
and notice commenced on 4 October 2019. He will step down from the
board on 4 February 2020 and remain an employee of the company on
his existing terms until 31 March 2020. Dudley has waived his
entitlement to notice pay for the unserved part of his notice
period.
-
Dudley
will be eligible for an annual bonus for the 2019 financial year in
the normal way. The amount of this bonus will be stated in the 2019
Directors' Remuneration Report with 50% being deferred into shares
in line with policy. He has waived any entitlement to an annual
bonus in respect of any part of 2020 that he works.
-
Dudley's
share awards under BP's Executive Directors' Incentive Plan (EDIP),
will be preserved in accordance with the good leaver provisions of
the EDIP. Information relating to the vesting of shares will be
updated in the 2019, 2020 and 2021 Directors' Remuneration
Reports.
Bernard Looney's remuneration arrangements
In
keeping with BP's Remuneration Policy, Bernard Looney's
remuneration is designed to support the long-term interests of the
Group. Key elements of his remuneration package
include:
-
Annual
salary of £1.3 million.
-
Provisions
relating to bonus opportunity, bonus deferral and performance
shares are all in accordance with BP's 2017 remuneration policy as
approved by shareholders.
-
Looney
will be entitled to a cash allowance in lieu of pension equal to 15
per cent of base salary. For the purposes of his deferred pension
calculation, base salary will be capped at his current salary while
accrued service has already been capped in 2011.
Bernard Looney
Bernard
Looney has run BP's Upstream business since April 2016 and has been
a member of the company's executive management team since November
2010.
As
chief executive, Upstream, Bernard is responsible for all BP's oil
and gas exploration, development and production activities
worldwide. The Upstream segment includes some 17,000 people
operating across almost 30 countries and produces around 2.6
million barrels equivalent of oil and gas a day.
During
his tenure, process and personal safety performance has improved by
35% and 20% respectively and production has grown by 20%, driven
largely by 23 major project start-ups - delivered ahead of schedule
and under budget.
He
has led access into new countries, including Mauritania and
Senegal, high-graded the portfolio with the acquisition of onshore
US assets from BHP Billiton and the proposed sale of the Alaska
business, and created innovative new business models such as Aker
BP in Norway.
Bernard has encouraged BP to lead
the industry on methane detection methods as well as driving
sustainable emissions reductions of almost 3 million tonnes
CO2 equivalent
in the past two years.
Under
his leadership, Bernard has made significant improvements in both
gender and global diversity, with his top regional leadership team
now being one-third women and one-third from outside the
US/UK. He has also initiated a company-wide dialogue on mental
health in hope of 'ending the stigma' associated with the
issue.
In
earlier Upstream executive roles, he was responsible for all
BP-operated oil and gas production
worldwide
and for all BP's drilling and major project activity. He led the
creation of central drilling and projects functions following the
Deepwater Horizon accident.
Bernard
joined BP in 1991 as a drilling engineer and worked in operational
roles in the North Sea, Vietnam and the Gulf of Mexico, including
as drilling engineer on the discovery of the giant Thunder Horse
field. After a period in BP Alaska, he became head of the
group chief executive's office, working directly for BP chief
executives Lord Browne and then Tony Hayward.
An
Irish citizen, Bernard grew up in County Kerry and in 1991 gained a
degree in Electrical Engineering from University College Dublin. He
later, in 2005, gained a MS in Management from Stanford Graduate
School of Business.
Bernard
is a fellow of the Royal Academy of Engineering, a fellow of the
Energy Institute and is also a mentor in the FTSE 100 Cross-Company
Mentoring Executive Programme.
Career history:
2016-present:
chief executive, Upstream
2013-2016:
chief operating officer, production
2010-2013:
executive vice president, developments & member of BP executive
team
2009-2010:
managing director, BP North Sea
2008-2009:
vice president, Norway and North Sea infrastructure
2006-2008:
head of group chief executive
office
2005-2006:
senior vice president, BP
Alaska
2004-2005:
Stanford Graduate Business School
2002-2004:
executive assistant to Group vice president exploration &
renewal
1991-2002:
production and drilling engineering roles in North Sea, Vietnam and
deepwater Gulf of Mexico.
Further information:
Cautionary statement:
In order to utilize the 'safe harbor' provisions of the United
States Private Securities Litigation Reform Act of 1995 (the
'PSLRA'), BP is providing the following cautionary statement. This
press release contains certain forward-looking statements - that
is, statements related to future, not past events and circumstances
- which may relate to one or more of the financial conditions,
results of operations and businesses of BP and certain of the plans
and objectives of BP with respect to these items. These statements
are generally, but not always, identified by the use of words such
as 'will', 'expects', 'is expected to', 'aims', 'should', 'may',
'objective', 'is likely to', 'intends', 'believes', 'anticipates',
'plans', 'we see' or similar expressions. Actual results may differ
from those expressed in such statements, depending on a variety of
factors including the risk factors set forth in our most recent
Annual Report and Form 20-F under "Risk factors" and in any of our
more recent public reports.
Our most recent Annual
Report and Form 20-F and other period filings are available on our
website at www.bp.com,
or can be obtained from the SEC by calling 1-800-SEC-0330 or on its
website at www.sec.gov.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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BP
p.l.c.
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(Registrant)
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Dated: 04
October 2019
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/s/ Ben
J. S. Mathews
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Ben J.
S. Mathews
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Company
Secretary
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